Wednesday, April 2, 2014

Importnant Legal Tips for Homeowners

Being a homeowner is exciting. It can be financially rewarding, too.
Unfortunately, it can also put you in a tough legal position. Between
the complexities of owning a house, having to deal with lenders and the
risk that comes from owning something valuable, keeping yourself legally
protected is a good idea.
Here Are Some Risks — And Some Ways To Handle Them.

HOAs. If you own a condo, townhome or other
property in an association, the homeowner association is extremely
powerful. Not paying their dues, violating their rules, or doing just
about anything else to end up on the wrong side of them could leave
you subject to fines or even foreclosure.

Neighbors. Whether or not good fences make for
good neighbors, bad neighbors make for legal problems. Before dealing
with your neighbors, research your community’s laws to see what
options you have to deal with their unlicensed backyard dog breeding
facility, teenager that steals your oranges or their tree that keeps
breaking your window. It’s good to know what your responsibilities are
as a neighbor, as well.

Legal Paperwork. Part of having a house is having
paperwork. Keeping it in a safe place where you can get to it when
you need it is always a good idea.

Being A Landlord. If you’re thinking about moving
out and turning your house into a rental, take the time to see if you
can really do it. Your mortgage, your homeowner association bylaws and
your community’s laws can all either prevent you from renting out your
house or can impose conditions or extra costs.

Financial Scams. When you own a house, you’re at
risk of being the victim of mortgage scams. If you also have strong
credit, you could also be a target for identity thieves that want to
steal your good name to steal money.

Insurance. Your insurance does more than pay if
something happens to your property. It can also give you liability
protection that pays off if you harm someone at or away from your home.
Given that you could lose your house in a suit, this protection is
particularly valuable.

Being a homeowner requires more than just mowing the lawn and
painting on occasion. You will also want to pay careful attention to
your legal exposure and manage it. A little bit of care could save you a
lot of money and trouble down the line.